Kedar Samant and Vanita Pandey from Simility discuss fraud management, meeting the requirements of SCA and how to ensure frictionless service in the midst of it all. Join us for our Member Meeting in Paris (18-20 Sept) to hear more from Simility and other key players in industry!
- How can banks strike the right balance between fraud management and customer experience?
As the digital world rapidly expands, consumers have become accustomed to certain technological advances and conveniences. Banks are quickly trying to innovate in order to stay relevant – but must do so in context of regulatory requirements and compliance, without jeopardizing safety or customer experience. Banks must be able to take multiple sources of data, effectively harness the information and differentiate between good and bad users. This requires a platform that can help them decision consistently across multiple channels in real-time. Accurate decisions will not only help prevent various types of fraud, but also provide a seamless experience for the customer.
- What are the issues banks are struggling with when it comes to meeting the requirements of SCA?
Customers have come to expect frictionless services with easy access. While many banks have built systems that support seamless access, with the requirements of SCA, stronger checks and balances are necessary. Banks must strike a balance between transaction risk assessment and strong customer authentication, bespoke to the customer, that doesn’t affect their user experience. They need to quickly determine when transaction risk assessment is enough or if the user should be stepped-up; and when additional authentication is necessary, which step-up method should be used based on the situational context. Banks must find the right tool that can work within the organization’s preexisting systems and data flows with the flexibility to orchestrate for various conditions.
- How significantly have you seen fraud and cybercrime rise over the past years and do you expect the rise to continue?
With the digital expansion, the growth of fraud has outpaced the growth of services. Fraudsters continuously evolve as new tools become available and they share information among their organized networks. Static identity data is easily available and going to become more compromised as fraudsters leverage tools that can stitch together information. The only way to stop the rise of cybercrime is through constant monitoring that also aggregates historical data, third party information and enables real-time authentication.
